Gabelli Equity Trust (NYSE:GAB) Sets New 12-Month High - What's Next?

Key Points

• Gabelli Equity Trust's shares have reached a new 52-week high of $6.04, reflecting strong trading activity with a volume of 259,127 shares.
• The company announced a dividend of $0.15 per share, set to be paid on September 23rd, contributing to a remarkable dividend yield of 990.0%.
• Significant increases in participation from institutional investors were observed, with notable stakes raised by firms like Kingstone Capital Partners and J.W. Cole Advisors.

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $6.04 and last traded at $6.04, with a volume of 259127 shares traded. The stock had previously closed at $6.03.

Gabelli Equity Trust Stock Performance

The business has a 50 day moving average of $5.91 and a 200-day moving average of $5.67.

Gabelli Equity Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 9.8%. The ex-dividend date is Tuesday, September 16th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Tactive Advisors LLC purchased a new position in Gabelli Equity Trust during the 2nd quarter worth approximately $100,000. Geneos Wealth Management Inc. lifted its position in Gabelli Equity Trust by 200.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider's stock worth $30,000 after acquiring an additional 3,400 shares during the period. Bank of America Corp DE lifted its position in Gabelli Equity Trust by 4.7% during the 2nd quarter. Bank of America Corp DE now owns 531,315 shares of the financial services provider's stock worth $3,092,000 after acquiring an additional 23,911 shares during the period. Ameriprise Financial Inc. acquired a new stake in Gabelli Equity Trust during the 2nd quarter worth approximately $79,000. Finally, Jane Street Group LLC lifted its position in Gabelli Equity Trust by 138.5% during the 2nd quarter. Jane Street Group LLC now owns 45,156 shares of the financial services provider's stock worth $263,000 after acquiring an additional 26,225 shares during the period. Hedge funds and other institutional investors own 7.24% of the company's stock.

Gabelli Equity Trust Company Profile

The Gabelli Equity Trust Inc is a closed ended equity mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors. It invests in preferred stock, convertible or exchangeable securities, and warrants and rights.